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Tag: IGT

  • Wheel of Fortune Big Money Spin Hits Vegas • This Week in Gambling

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    IGT has introduced its newest electronic table game, Wheel of Fortune Big Money Spin, with a global debut at Downtown Grand Casino in Las Vegas. The launch expands the reach of one of the most recognizable brands in gaming and reflects the company’s ongoing investment in electronic table game technology.

    The Wheel of Fortune Big Money Spin combines elements of the long-running television game show with casino-style play. At the center of the experience is a video version of the iconic wheel, standing more than nine feet tall and separate from player terminals. The display, paired with the well-known Wheel of Fortune chant, is designed to capture attention across the casino floor.

    Guests at Downtown Grand were among the first to try the new game. According to casino management, the title immediately drew interest from players who were already familiar with Wheel of Fortune slot machines. The addition of the Big Money Spin format provides them with a new way to engage with the brand while maintaining recognizable features.

    Nick Khin, IGT’s chief operating officer of gaming, said the debut highlights the company’s ability to merge entertainment with innovation. He noted that the title builds on the success of previous platforms such as GameAce Roulette and Mesa4K terminals, which have gained traction in North American casinos.

    The gameplay for Wheel of Fortune Big Money Spin is managed through IGT’s GameAce electronic table platform. Participants place bets on color-coded segments that correspond to the digital wheel. A win occurs when the chosen segment aligns with the outcome of the spin, adding letters to a virtual puzzle board reminiscent of the television show.

    Two bonus features further enhance the experience. The Fortune Spin Bonus and Jackpot Bonus both trigger interaction with the oversized physical wheel, adding a dramatic element when activated. These bonuses are designed to deliver celebratory moments that elevate the traditional table game experience.

    The introduction of Wheel of Fortune Big Money Spin reinforces the enduring popularity of the Wheel of Fortune brand, which has already established itself as one of the most successful slot franchises in casino history. By extending the franchise into electronic table games, IGT is aiming to broaden its audience and give casinos a distinctive product to showcase on their floors.

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    This Week in Gambling

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  • Apollo Funds to Acquire IGT Gaming & Everi Holdings in Historic Deal

    Apollo Funds to Acquire IGT Gaming & Everi Holdings in Historic Deal

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    Apollo Funds, a newly formed holding subsidiary of Apollo Global Management, has set out to acquire International Game Technology’s IGT Gaming & Digital business and Everi Holdings in a historic arrangement. The transaction values the two companies at approximately $6.3 billion.

    This deal comes after an earlier agreement between IGT and Everi that saw the former company agree to separate the IGT Gaming business by way of a taxable spin-off to IGT shareholders and then combine it with Everi. Under the new arrangement, however, Apollo Funds will acquire both IGT Gaming and Everi, making them privately owned companies, and terminating the earlier agreement.

    As per the deal, Everi shareholders will receive $14.25 per share in cash. IGT, on the other hand, will receive $4.05 billion of gross cash proceeds from the sale of IGT Gaming.

    IGT noted that this money will be used to repay outstanding debt and pay out dividends. Following the sale, it plans to change its name and stock ticker symbol and focus purely on lottery gaming. CEO Vince Sadusky will oversee the separation of IGT Gaming.

    Under the arrangement, IGT’s executive vice president of strategy and corporate development, Fabio Celadon, will serve as CFO of the combined enterprise. Everi’s CFO, Mark Lubay, on the other hand will be named chief integration officer.

    The new entity is set to be headquartered in Las Vegas.

    Provided the deal secures all necessary approvals, it would close by the end of Q3 2025.

    All Parties Are Looking Forward to the Closing of the Deal

    IGT CEO Sadusky commented on the deal, saying that it represents a “positive evolution” in the previously announced transaction with Everi.

    This transaction will allow IGT Gaming to continue to invest in and enhance its growing core segments while providing customers with a more comprehensive portfolio of offerings.

    Vince Sadusky, CEO, IGT

    Randy Taylor, Everi’s president and chief executive officer, added that the transaction “maintains the integrity and strong strategic rationale” of the original agreement with IGT and also provides significant shareholder value.

    By joining forces with IGT Gaming, we expect to continue to lead, innovate, and provide unparalleled value to our customers as a stronger player in the global gaming, FinTech, and digital industry.

    Randy Taylor, president & CEO, Everi Holdings

    Taylor added that the private ownership will better position Everi to accelerate the integration of the two organizations.

    Daniel Cohen, partner at Apollo, also weighed in, saying that his team is excited about the deal with IGT and Everi.

    We strongly believe in the value proposition of the combination and are confident these complementary gaming platforms will be even better positioned under private ownership to capture the opportunities ahead to grow and create value.

    Daniel Cohen, partner, Apollo

    Cohen concluded that he is looking forward to working with IGT Gaming and Everi’s teams.

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    Angel Hristov

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  • IGT Refreshes Leadership with New Appointments

    IGT Refreshes Leadership with New Appointments

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    International Game Technology, a global leader in the provision of gaming content, has unveiled new additions to its board and executive team.

    First of all, Marco Drago decided to step down from his role as a non-executive director. He will remain with the company until the official end of his term and will depart after the Annual General Meeting on May 14.

    Marco Drago has served as a NED on the IGT board since the formation of the company in 2015. He has also served a number of other influential companies and boasts more than 55 years of professional experience. 

    In the meantime, Marco Drago’s son, Enrico Drago, will join IGT’s board of directors as a NED. He will resign from his current role as CEO of IGT’s PlayDigital division.

    Enrico Drago became IGT PlayDigital’s CEO in September 2021 after first serving three years as the business’ senior vice president. He has some 25 years of professional experience, IGT added.

    Speaking of PlayDigital, the brand will be joined by Gil Rotem, who will step down from his position as president of iGaming to serve as the division’s new president. In this position, Rotem will report directly to IGT’s CEO, Vince Sadusky.

    Rotem joined IGT in 2021, first serving as the president of iGaming for PlayDigital. In this position, he helped the division secure the acquisition of iSoftBet and grow its games portfolio and engagement tools suite. With over 20 years of experience behind his back and 15 years of experience at bet365, Rotem is well-suited to lead the IGT PlayDigital business. 

    The aforementioned changes will go into effect on April 1.

    IGT Is Entering a New Era of Growth and Transformation

    Marco Sala, IGT’s executive chairman, commented on the matter, thanking Marco Drago for his years of service and commitment. He also welcomed Enrico Drago on board, saying that his promotion is a “natural evolution” that will support the company’s vision for “its new era of growth and transformation.”

    Enrico’s value-creation mindset and understanding of global growth opportunities will enhance the Board and align with IGT’s strategic priorities.

    Marco Sala, exec chair, IGT

    Marco Drago added that he is happy to see how much IGT has grown over the years. He thanked his colleagues for their time together and said that he is certain more growth awaits the company.

    Enrico Drago also commented on the matter, thanking the IGT PlayDigital team for their professionalism. He said that he is looking forward to supporting IGT in a new capacity and further supporting the company’s vision and strategy.

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    Angel Hristov

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  • IGT Achieves FY 2023 Goals Ahead of Milestone Merger

    IGT Achieves FY 2023 Goals Ahead of Milestone Merger

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    International Game Technology (IGT), a global leader in the gaming industry, reported robust fiscal year 2023 financial results, achieving all of its financial targets ahead of the planned merger of its Global Gaming and PlayDigital businesses with Everi Holdings Inc. IGT’s management remain optimistic, projecting new investment opportunities and stable growth.

    The Company Accomplished Record Operating Income

    IGT’s corporate revenues for FY 2023 stood at $4.3 billion, marking a modest 2% increase from 2022’s $4.2 billion. Adjusted EBITDA reached a record result of $1.8 billion, up 7% compared to last year’s $1.7 billion. Operating income also settled at an all-time high of $1.0 billion, marking a  9% uptick from $922 million in the prior year and reflecting robust performance across most segments.

    Despite a 2% revenue downturn to $2.5 billion for the Global Lottery unit, operating income stood at $913 million. This figure aligns with 2022’s results despite the sale of the Italy commercial services business, justifying the company’s cost-cutting measures. IGT plans to spin off this division as a standalone venture, granting it increased autonomy.

    The Global Gaming unit saw a consolidated income of $1.6 billion, up 9% from FY 2022. IGT’s PlayDigital unit similarly registered a 9% increase in consolidated revenues to $228 million and achieved an operating income of $65 million. While corporate support and other expenses rose to $290 million, up from $279 million in the prior year, this mild increase did not affect the overall results.

    Management Remains Optimistic regarding 2024

    The board of IGT expects a full-year 2024 revenue of $4.3 billion to $4.4 billion with an operating margin of 20% to 21%. CFO Max Chiara expressed confidence in the company’s robust financial position, noting that it achieved all its FY 2023 financial goals. He highlighted IGT’s successful investments and shareholder returns, positioning the company for lasting success.

    This gives us confidence in further expanding our investment in the business to fund future growth.

    Max Chiara, IGT CFO

    2023’s financial success sets the stage for IGT’s next ambitious venture. The company plans to merge its Global Gaming and PlayDigital businesses with Everi Holdings, Inc. to create a new entity retaining the IGT brand. This strategic move should enable a heightened focus on each business segment while preserving individual capital policies.

    As IGT successfully concludes its fiscal year 2023 with record profits and prepares for its strategic restructuring, the gaming industry will closely monitor how the upcoming merger will shape the industry landscape in the coming years. Experts believe the move could set off an M&A spree across the broader gaming sector as other companies follow IGT’s example and reorganize their businesses.

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    Deyan Dimitrov

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  • IGT's Stock Rating Lowered amid Ongoing Strategic Review

    IGT's Stock Rating Lowered amid Ongoing Strategic Review

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    The globally recognized gaming company, International Game Technology (IGT), observed a dip in its shares after its stock rating was downgraded Thursday. The decision to downgrade the stock by Jefferies came amid concerns about the slow progress of the announced strategic review by IGT.

    This saw Jefferies downgrade its rating for the leading gaming company from “buy” to “hold.” At the same time, the research company’s price target for IGT was decreased from $36 to $29. Still, considering Jefferies target price, an upside of approximately 11% is possible.

    Back in June, IGT unveiled details regarding a strategic review of its PlayDigital and global gaming units. At the time, the company confirmed it plans to explore different options, not excluding potential mergers, spin-offs or divestment of assets. While the strategic review is ongoing, Jefferies anticipated that progress or clarity for those processes soon is unlikely.

    Potential Divestment of Assets Still Possible

    Last year, media reports hinted Apollo Asset Management, a leading provider of alternative asset management and retirement solutions, may potentially be interested in IGT’s global gaming division. Reportedly a transaction of that scale could be in the range between $4 billion and $5 billion.

    It is not uncommon for gaming operators to offload certain assets. Divesting assets enables such companies to change their focus and strengthen their other operations. A notable example within that scope is the sale of PointsBet’s US-facing assets.

    Last summer, PointsBet’s shareholders voted in favor of selling the company’s US assets to Fanatics in a deal with a $225 million price tag. Fanatics’ initial proposal was $150 million but after DraftKings tabled a proposal for $195 million, the company upgraded its bid to $225 million.

    In 2023, IGT’s shares enjoyed a strong momentum for several months. However, a downward trend was observed in the fourth quarter. This trend continued with the start of the new year.

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    Jerome García

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  • IGT to expand sports betting footprint in Wisconsin by powering retail launch at three St. Croix casinos | Yogonet International

    IGT to expand sports betting footprint in Wisconsin by powering retail launch at three St. Croix casinos | Yogonet International

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    International Game Technology (IGT) has announced that the company will “soon” expand its sports betting footprint in Wisconsin, via a multi-year agreement with the St. Croix Chippewa Indians.

    Under the terms of the agreement, IGT PlaySports technology will power retail sports betting at the three St. Croix casino locations in Wisconsin, including Turtle Lake, Danbury, and Hertel. In addition, all three casinos will leverage IGT’s trading advisory services and deploy self-service IGT PlaySports QuickBet Kiosks.

    “Our agreement with IGT will enable us to wow our guests with localized betting offers and first-rate player experiences at our sportsbooks and grow excitement at The Book and the Red Zone,” said Loren Benjamin, St. Croix Casino General Manager. “Sports betting has ushered in new energy and visitation to our casinos, and we look forward to elevating and evolving that success with IGT’s proven technology and experienced team.”

    “As a trusted sports betting partner in Wisconsin and beyond, IGT PlaySports looks forward to helping St. Croix Casinos scale their player engagement and sportsbooks’ profitability with our technology and services,” said Joe Asher, IGT President of Sports Betting. “Through our proven PlaySports solution, IGT delivers on what today’s sports fans value most in a sportsbook: choice, convenience, and reliable and intuitive technology.”

    The deal follows the announcement earlier this month that IGT’s PlaySports technology is now powering retail sports betting at Palace Casino Resort in Biloxi, Mississippi. Guests now have the option to visit the Contact Sports and Race Book to place a range of pre-game and in-play wagers at the venue’s four walk-up betting windows.

    Patrons can also place their bets via the IGT PlaySports-powered sportsbook’s four self-service betting kiosks. Additionally, Palace Casino Resort is also leveraging the services and expertise of IGT PlaySports’ trading advisory team, the company announced.

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